Good News/Bad News Re: Bitcoin ETF

July 7, 2023

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Dangerous information: late final week, Gary Gensler’s SEC denied BlackRock’s utility to launch a Bitcoin ETF – a fund that will probably see billions of {dollars} move into Bitcoin.
Excellent news: the SEC gave BlackRock constructive suggestions – asking for readability on the way it plans to trace/monitor potential fraud and market manipulation.
Since then, BlackRock has teamed up with Coinbase to satisfy the above necessities and reapplied for the ETF (inspiring hope of an eventual approval).

You recognize that scene in Arrested Improvement, the place Lucille Bluth is placed on meds and turns into uncharacteristically pleasant? ☝️

This appears like that.

Late final week, Gary Gensler’s SEC denied BlackRock’s utility to launch a Bitcoin Alternate Traded Fund (ETF).

(A fund that will probably see billions of {dollars} move into Bitcoin).

Now – given Gary’s aversion to crypto – this denial comes as no shock.

BUT! Here is the place the uncharacteristic friendliness comes into play:

The SEC introduced that ‘Lucille-on-meds’ vitality, and gave BlackRock constructive suggestions – inspiring hope of an eventual approval.

An unnamed supply informed Decrypt that the SEC has requested for extra readability across the “surveillance-sharing settlement.”

I.e. The SEC requested: “how’re you going to trace/monitor potential fraud and market manipulation?”

Since then, BlackRock has teamed up with Coinbase to satisfy the above necessities and reapplied for the ETF.

Let’s cross our fingers, rub our fortunate fox paws, and pray to our respective gods that this one goes by means of!